February 4, 2020
Boston-based MLL Capital, focused on medical office, laboratory and life sciences properties, acquired four medical office buildings totaling 251,546 square feet for an undisclosed sum. The properties are in the Chicago, Minneapolis/St Paul, Washington, D.C. and Nashville markets.
“These acquisitions align with our strategy to build a portfolio focusing on opportunistic and value-add investments in this sector and repositioning them to attract and retain high-quality medical tenants,” said MLL’s Wyndsor DePetro.
Currently 81% occupied, the properties “present the opportunity to lease up to stabilized occupancy levels by attracting and retaining a diverse mix of high-quality medical office tenants with a targeted leasing effort using attractive lease packages and capital improvement plans,” he added.
The acquisitions include the 95,043-square-foot Advocate Sherman MOB in Elgin, IL; 28 White Bridge Rd., a 60,540-square-foot MOB in Nashville; the 35,405-square-foot 46440 Benedict Dr. in Sterling, VA; and the 60,558-square-foot High Pointe Health Campus in Lake Elmo, MN.
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